Downtown will lose a corporate headquarters when Newmont Mining Corp. relocates to Greenwood Village by the end of the year.

Newmont is leasing 166,000 square feet in the $100 million Palazzo Verdi, a 300,000-square-foot building that developer John Madden is constructing at 6401 S. Fiddler’s Green Circle.

One of the largest gold producers in the world, Newmont is moving its 400 Denver employees to the new building from about 99,000 square feet in downtown’s Wells Fargo Center, also known as the cash-register building, and from 33,000 square feet in the Denver Technological Center.

“Consolidating our Denver offices allows Newmont and our employees to leverage the benefits that come from working together in the same space,” Newmont spokesman Omar Jabara said. “Our new CEO, Richard O’Brien, feels very strongly that we will be more effective, efficient and aligned by uniting our Denver-area offices.”

Moving out of downtown will result in significant savings for the firm, said Rob Link, executive vice president of commercial real estate firm Studley, which represented Newmont.

“They were in a building that had served them very well as their headquarters, but the building could not accommodate their future growth, and the costs associated with staying downtown are quite significant compared to Palazzo Verdi,” Link said.

Tami Door, president and chief executive of the Downtown Denver Partnership, said it’s unfortunate that downtown is losing jobs, but she’s thankful the company is staying in the region.

“Those employees will still be located here,” she said. “They’ll still use downtown to shop or dine and go to the theater.”

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